The global economic crisis and inflation are impacting the world. Of course, this situation is adversely affecting technology companies, especially smartphone manufacturers. People are hesitant to spend money on products they deem “unnecessary,” and advancing technology isn’t helping. Even mid-range and entry-level phones are more than sufficient for daily use today. As a result, people don’t feel the need for a change, and this issue is not a new one.
Manufacturers have been struggling to reach their desired levels for the past two years, or at least they couldn’t reach them. A study published by Counterpoint reveals that there has been a shift in the global smartphone market. According to this, global smartphone sales in October 2023 showed annual growth for the first time since June 2021. Here are the details…
October Global Smartphone Market Sales Break Two-Year Losing Streak, Path Set for Gradual Recovery
The global smartphone market finally broke the 27-month-long downward trend. The sector, which grew by 5% compared to the same period the previous year, presented a positive picture for the first time since June 2021. The source of growth was the Middle East and Africa (MEA), followed closely by China and India.
Especially in China, the interest in smartphones increased significantly, especially after the release of the Huawei Mate 60 series. Moreover, with the addition of the iPhone 15 series, the rise became inevitable. This even reminded many of the days when there was fierce competition between Apple and Huawei.
Moreover, this is just the beginning. Experts predict growth for the global smartphone market in the last quarter of 2023. This may indicate that the impact of the economic crisis on phone manufacturers is at least diminishing. As you know, the Covid-19 pandemic was a golden age for technology companies.
During a period when the whole world was continuously shopping, everyone set records in sales, revenues, and profit margins. Just when those days might have seemed entirely behind us, the resurgence has excited smartphone manufacturers like Samsung, Apple, Xiaomi, Huawei, and many others.
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(source)
